✳flâneur — a map of the web's best reading

The rich are not causing the poor - by Elle Griffin

elysian.press · 1,125 words · saved by 1 readers

Oxfam’s Inequality Report recently wrote that “the world's five richest men have more than doubled their fortunes since 2020… while nearly five billion people have been made poorer.” Oxfam keeps reporting it like that, as do many media organizations, but those two things are not correlated. Five people got richer but that is not what caused 5 billion people to become poorer. The five rich guys in question are four Americans—Elon Musk, Jeff Bezos, Larry Ellison, and Warren Buffet—and one French guy, Bernard Arnault. They got richer because their companies are the largest in the world and their economies experienced a major boom. The 5 billion that got poorer are in Asia, Africa, and South America. They got poorer because of the pandemic, where aggressive shutdowns cut them off from their jobs and they weren’t able to get the vaccines they needed to get their economies back up and running quickly enough. Lengthy recessions cut the gains they had previously been making against poverty. To

The rich are not causing the poor Oxfam and the phrase “the rich are getting richer while the poor are getting poorer.” Elle Griffin Jan 29, 2024 131 22 25 Share Oxfam’s Inequality Report recently wrote that “the world's five richest men have more than doubled their fortunes since 2020… while nearly five billion people have been made poorer.” Oxfam keeps reporting it like that, as do many media organizations, but those two things are not correlated. Five people got richer but that is not what caused 5 billion people to become poorer. Subscribe The five rich guys in question are four Americans—

Explore this link on the map →

related reading